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While mortgage lenders vary from country to country, this particular lender is becoming increasingly common throughout the world.

1. The Facts Of Life In The UK

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Image Credit: English Housing Survey

These statistics are becoming increasingly familiar. There are less first-time home buyers. Those that can buy a home do it at an older age and need some of financial help.

2.So, To Whom Are First-Time Homebuyers Turning?

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This generation is turning to the “Bank of Mom and Dad” for help. In fact, the family now ranks as the #10 mortgage lender in the UK. (All currency amounts converted to US dollars.)

  • UK parents will lend about $8,422,700,000
  • Average first-time buyer will require a deposit of approximately $33,672.34
  • Parents will be involved in 26% of all UK property transactions
  • First-time buyers borrow an average of about $171,095.92

3.Knowing The Implications Are Crucial

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Like any country, there are rules about money exchanging hands within a family. As far as UK mortgage lenders are concerned, the money must be in the form of a gift. If banks see a repayment schedule, the lending amount may be limited.

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